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Copper futures held steady at around $4.14 per pound on Thursday, pausing their recent upward movement as the dollar rebounded. The dollar's strength was fueled by expectations that Trump’s policies could fuel inflation, which in turn may limit the Federal Reserve's ability to cut borrowing costs. In China, the People's Bank of China kept key lending rates unchanged this week, as expected, offering no new signals that could impact demand in the world’s largest copper consumer. Meanwhile, copper spot treatment and refining charges in China showed signs of improvement as smelters scaled back production following several years of rapid expansion. Copper inventories in the country have also been declining, currently sitting below August levels with seven days' worth of supply readily available.

Copper Muted as Dollar Strengthens

In Tokyo,  the Nikkei 225 Index decreased 282 points or 0.74 percent on Thursday. Losses were driven by IHI (-3.83%), Mitsui Engineering & Shipbuilding (-3.59%) and East Japan Railway (-3.52%). Biggest rises came from Tokyo Gas (4.96%), M3 (4.40%) and Taiheiyo Cement (4.16%).

The Nikkei 225 Index Closes 0.74% Lower

The S&P/ASX 200 Index inched down 0.04% to close at 8,323 on Thursday, reversing earlier gains and tracking global markets lower. Market sentiment was dampened after Nvidia's earnings report failed to provide the anticipated boost, while escalating geopolitical concerns, particularly regarding the Russia-Ukraine conflict, further rattled financial markets. Investors are now looking ahead to Friday's manufacturing and services activity data for Australia, which will provide insights into the health of the domestic economy. Notable losses were seen among major index components, including Wesfarmers (-1.4%), Pilbara Minerals (-3.1%), and James Hardie Industries (-2.4%). In corporate news, GCQ Partners, which holds a near 20% stake in India’s Adani Group, saw its shares plunge 19.3% following the indictment of Gautam Adani in the US on charges of bribery and fraud.

Australian Shares Track Global Peers Lower

Japan’s 10-year government bond yield rose to around 1.09% on Thursday, edging closer to 13-year highs as investors braced for October inflation data, which could provide clues about the Bank of Japan's future interest rate hikes. BOJ Governor Kazuo Ueda signaled on Monday that any rate hikes would be gradual and contingent on economic conditions, although he did not offer a specific timeline for when such hikes might occur. Earlier this week, data revealed that Japanese exports surged by 3.1% in October, reversing a 1.7% decline in September and exceeding expectations for a 2.2% increase. Imports also rose by 0.4%, defying expectations for a 0.4% decline.

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